The community was founded in 2001 under the omophorion of His Eminence Archbishop NATHANIEL, Archbishop of Detroit and the Romanian Episcopate, when the former abbot of Brancoveanu Monastery (Romania), Archimandrite Irineu (Duvlea), along with seven other monks, arrived in Detroit on the namesday of St. Polycarp of Smyrna. A year after Archimandrite Irineu's consecration to the episcopacy, he relinquished his abbacy, and the community elected ArchimandriteMichael (Filimon) as the new abbot. On January 2008 the Romanian Orthodox Patriarchate called and elected Archimandrite Mihail Filimon as bishop for the Romanian community of Australia. On the same month His Eminence Nathaniel, elected Rev. Hieromonk Dionisie (Rodila) as Igumen of the Holy Ascension Monastery.

The community consists of men living the monastic tradition of a Christ-centered prayer life for the monastic members.